The Comisión Nacional del Mercado de Valores (CNMV) has admitted for processing the takeover bid (PTB) made by Neinor Homes to acquire 100% of Aedas Homes for a total amount of 932 million euros. This decision represents an important formal step in the process, as it considers that the documentation submitted by Neinor complies with the legal and content requirements demanded by the regulator. However, the transaction is still in progress and has not yet received final authorisation.
The offer, officially announced in June, sets a price per share of 21.335 euros, after the corresponding adjustment for the dividend distributed by Aedas on 4 July. Initially, the consideration offered was 24.48 euros per share. This adjustment places the total value of the takeover bid at the aforementioned 932 million euros.
One of the key elements supporting the operation is the irrevocable commitment of Castlelake, Aedas' main shareholder with nearly 79% of the capital, which has expressed its intention to participate in the offer. This support significantly facilitates the viability of the transaction, which could lead to the merger of the two leading listed residential developers in Spain.
Neinor has announced that it will finance the transaction through a combination of its own resources, around €500 million, secured bonds and credit lines, as well as with the backing of a cash deposit and bank guarantees already in place.
Once the application has been admitted for processing, the CNMV will continue with the analysis process in order to issue a final resolution. If given the green light, the takeover bid would usher in a new era in the Spanish development sector, marked by consolidation and an increase in the operational scale of the resulting company.
